Enhanced Password Recovery Process for Securing a Payee Account
At Hyperwallet, we take security very seriously. That’s why we’ve integrated digital identity authentication into the payee password recovery workflow on our system.
This higher level of security helps protect payees from malicious account takeovers by employing multi-factor authentication prior to any password reset. What’s more, this technology enables payees to safely and securely manage their password without having to reach out to the Hyperwallet Contact Center.
How Password Recovery Works
The password recovery feature is enabled on Hyperwallet’s Payout Experience interface. When payees click on the “Forgot Your Password?” link on their Pay Portal landing page, they will be presented with a screen that asks them to enter the email address that is registered to the payee account. Hyperwallet’s technology will then verify the existence of the payee’s account and the eligibility of their device to reset the password. Once verified, an email notification will be sent directing the payee to a page where they can create and confirm their new password.
If the system does not recognize the eligibility of the device used, the email notification will redirect payees to an authentication page. Authentication can be completed using one of 3 methods: answering a security question, entering a one-time passcode (via SMS) or through an automated callback. It’s important that payees keep their email and mobile phone details up to date. Profile information and notification preferences can be reviewed and edited under the Pay Portal “Settings” tab.
Check out the explainer video below to see Hyperwallet’s password reset tool in action.
This security enhancement is designed to reduce password reset friction whenever payees use a trusted device. The authentication feature prevents fraudsters from resetting a payee password, thus avoiding a security breach and account takeover. The self-service password recovery solution is quick and efficient, therefore reducing the need for assistance.
Hyperwallet is constantly evolving payee security on its platform. Clients can learn more about the password recovery feature by contacting their Client Care manager.